First Trust Correlations

FGD Etf  USD 24.45  0.29  1.17%   
The current 90-days correlation between First Trust Dow and First Trust STOXX is 0.91 (i.e., Almost no diversification). The correlation of First Trust is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

First Trust Correlation With Market

Very weak diversification

The correlation between First Trust Dow and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Dow and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust Dow. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with First Etf

  0.98EFV iShares MSCI EAFEPairCorr
  0.99FNDF Schwab FundamentalPairCorr
  0.99VYMI Vanguard InternationalPairCorr
  0.98IDV iShares InternationalPairCorr
  0.98DFIV Dimensional InternationalPairCorr
  0.98IVLU iShares Edge MSCIPairCorr
  0.99RODM Hartford MultifactorPairCorr
  0.99PXF Invesco FTSE RAFIPairCorr
  0.97HDEF Xtrackers MSCI EAFEPairCorr
  0.88PID Invesco InternationalPairCorr
  0.92FXY Invesco CurrencySharesPairCorr
  0.75AMPD Tidal Trust IIPairCorr
  0.66INTC IntelPairCorr
  0.61CSCO Cisco SystemsPairCorr
  0.9VZ Verizon CommunicationsPairCorr
  0.68GE GE AerospacePairCorr
  0.91T ATT Inc Earnings Call This WeekPairCorr
  0.9JNJ Johnson JohnsonPairCorr

Moving against First Etf

  0.86GRI GRI Bio Earnings Call This WeekPairCorr
  0.76WGMI Valkyrie Bitcoin MinersPairCorr
  0.63AA Alcoa CorpPairCorr
  0.6DIS Walt DisneyPairCorr
  0.58CAT CaterpillarPairCorr
  0.58AXP American ExpressPairCorr
  0.55MRK Merck CompanyPairCorr
  0.5HD Home DepotPairCorr
  0.5BAC Bank of America Aggressive PushPairCorr
  0.37BA BoeingPairCorr

Related Correlations Analysis

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First Trust Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.